Tranche 1: 20% of the balance at the time immediately prior to vesting - this will be the balance at the end of the year immediately preceding John's Retirement. Working with the inputs shown above, for illustrative purposes, the software will proportion the fund into 5 tranches, as follows: The automatic phasing of benefits is illustrated, below: in this instance, instructing the software to phase the vesting of benefits over 5 years.
#Phased drawdown manual#
There are 2 modes for the phasing of drawdown benefits - automatic phasing and manual phasing: Within the Pensions > Money Purchase screen, select the Withdrawals & Annuity option, within which you will be presented with 2 options - select the option entitled Drawdown Strategy/Drawdown Pensions (USP). If you click the 'link', a small window containing the name of the linked (Drawdown/USP) account will appear - if you select the drawdown account, the software will immediately take you to the Pensions > Drawdown Pension screen, where the Drawdown/USP account is displayed in the Ledger, shown as having an account balance of £0 (which is the balance as at start-of-plan). The remainder of the crystallised fund will be paid to the Drawdown account and, in the Pensions > Money Purchase screen, you will see that your newly-created account has a small 'link' next to it. Note that, because of this default, each time you add a money purchase arrangement to your plan, the software will create an empty Drawdown account, corresponding to (and linked to) that money purchase scheme. When inputting details of a money purchase scheme, the software's default position is to assume that benefits will be vested at the owner’s Retirement event, with 25% tax-free cash paid-out. A variety of retirement planning options can be modelled within the software, relating to drawdown and/or to the annuitisation of benefits. What follows is step-by-step guidance relating to phased drawdown:
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